Protect What's Precious
A Multi-Faceted Symbol
“For young couples, an engagement ring or a wedding ring is one of your most valuable assets,” says Trina Woldt, CMO at Jewelers Mutual Insurance Company. But because the unexpected can happen, especially with something as small as a ring, jewelry insurance provides both peace of mind as well as protection. “Engagement rings and wedding rings are more than just jewelry. They’re cherished moments, symbolically preserved for all to see.”
Homeowners or Renters
A standard homeowners policy typically includes coverage for jewelry and other valuables, but the limits are traditionally very low. “These policies also may not cover damage or a ‘mysterious disappearance,’ where you can’t determine how your ring was actually lost. Floater policies added to homeowners insurance can cover individual pieces of jewelry and expand protection, but they also add an additional premium. “They could also impact insurance rates for your home and auto if a jewelry loss occurs.”
Many homeowners and renters policies also require you to use jewelry repair or replacement companies within their network. “So you could end up working with a jeweler you may not prefer, making a stressful situation even more unpleasant.”
"A jewelry insurance policy, like the one we offer at Jewelers Mutual®, offers broad, comprehensive coverage for the jewelry you want to protect. We’ve been insuring only jewelry since 1913, so our coverage, customer care staff, and claims process are tailored to just jewelry.”
The company also provides worldwide repair and replacement coverage for lost, damaged, or stolen jewelry pieces. “We strive to replace those pieces with the same kind and quality. If you lost a Hearts On Fire diamond, for example, you want to get back a Hearts On Fire diamond. This is especially valuable when you have brand-name jewelry, such as Tiffany, Cartier, or Harry Winston. More importantly, we work with your jeweler of choice for repair or replacements, providing additional peace of mind.”
Avoid the Unexpected
Jewelers Mutual recently surveyed 600 married women. “Only 53 percent had their jewelry insured, but over half had lost a piece of jewelry!” The majority called it a “substantial emotional loss.”
Rings, earrings, and necklaces were pieces typically lost, with rings accounting for nearly half the losses. They were left in public restrooms, lost while traveling, accidentally thrown in the garbage, and at times the stones came loose from their settings. “In some cases, the women surveyed weren’t sure if it was lost or stolen.
“The most staggering statistic is that nearly 70 percent of those who had lost a piece not only didn’t have insurance, but were not able to replace the piece. If these lost pieces were insured, for just a small annual premium, they’d be able to replace them, no questions asked.”
The All-Important Appraisal
“The more accurate and up-to-date your appraisal, the better prepared you will be if loss, theft, or damage occurs. As gold prices, and even diamond, platinum, and silver prices fluctuate, it’s important to get appraisals updated. If your last appraisal on file is outdated, you may be underinsured today.” Some jewelers will provide the appraisal for free at the time of purchase, while others may charge anywhere from $25-$150 per piece.
Jewelry insurance is easy to obtain. “For example, we have a Jewelers Mutual application on our website and it can be completed in 10 minutes.” The company also accepts applications over the phone during business hours.
Kelley suggests that when you apply for insurance coverage, have your jewelry appraisal or sales receipt on hand. “One or both of these documents are typically provided by the jeweler during the purchase and will help the insurance company give you an accurate quote. It also provides you with insight about your piece, including what make it distinct, such as the diamond’s weight, color, and clarity, as well as an estimate of its retail replacement value.”
For Jewelers ... & Now For You
The only company specializing exclusively in jewelry insurance in the United States and Canada, Jewelers Mutual was established in 1913 by jewelers to insure jewelers. By 1953, they realized the need for an individual insurance policy, and the personal jewelry insurance policy was created.
Taking care of your engagement ring is an opportunity to start your lifelong journey of working together to protect what’s precious to you. It’s another way to start becoming an effective financial decision-making team ... and to bring even more caring into your relationship.
Jewelers Mutual Insurance Company